The North Sea Transition Deal sets out an ambitious plan for how the UK’s offshore oil and gas sector and the government will work together to deliver the skills, innovation and new infrastructure required to meet stretching greenhouse gas emissions reduction targets. The Deal aims to support and anchor the expert supply chain that has built up around oil and gas in the UK, to both safeguard and create new high-quality jobs. The Deal will transform the sector in preparation for a net zero future and catalyse growth throughout the UK economy.
BEIS 24th March 2021 read more »
Climate campaigners have accused the Government of dodging difficult questions on the end of North Sea oil and gas extraction in a ministerial “Transition Deal” for the sector released on Wednesday. The North Sea Transition Deal is the Government’s blueprint for ushering the oil and gas sector towards net zero emissions while minimising job losses. Under the plan the North Sea fossil fuel sector will be encouraged to embrace new technologies such as hydrogen and carbon capture to cut emissions, backed by £16bn in joint taxpayer and industry funding. There will also be more support to help workers move into other sectors such as offshore wind.
iNews 24th March 2021 read more »
Environmental groups have responded angrily to the publication today of the government and industry-backed North Sea Transition Deal, arguing the refusal to rule out the possibility of a new wave of oil and gas exploration licenses and the failure to set a target for ending fossil fuel extraction from UK waters amounted to “a colossal failure in climate leadership in the year of COP26”. Campaigners had hoped that in the wake of the UK’s binding net zero emission target and Denmark’s recent decision to end the issuance of new oil and gas exploration licenses, the government could set out a clear strategy for ending fossil fuel extraction from the North Sea basin. But today’s wide-ranging sector deal with the oil and gas industry combines plans for increased investment in the technologies and skills that will enable a transition to cleaner energy sources with proposals that leaves the door open for a new wave of exploration licenses, if projects can pass a new Climate Compatibility Checkpoint.
Business Green 24th March 2021 read more »
Energy sector figures have hailed the North Sea Transition Deal for recognising the oil and gas industry’s key role in the UK’s shift to net zero. But industry sources told Energy Voice they were reserving judgement until the finer details of new policies for incentivising investment in low-carbon technologies had been fleshed out. Trade union bosses, meanwhile, urged immediate action on commitments made by the UK Government and said industry would need to be “compelled” to front up cash.
Energy Voice 25th March 2021 read more »